- Russia begins CBDC trials using digital rubles with 13 banks.
- Pilot assesses functionality, user experience, and wider adoption potential.
- President Putin’s approval of the digital ruble legislation set the initiative in momentum.
The Bank of Russia (BoR) announces the start of testing operations for Russia’s central bank digital currency (CBDC) project using digital rubles. The pilot program is set to begin on August 15 and will involve the participation of 13 banks along with a select group of their clients.
According to Olga Skorobogatova, the first deputy governor of the Bank of Russia, this pilot phase marks a crucial step in the CBDC project’s development. Specifically, it aims to evaluate the functionality of the digital ruble platform in an industrial context.
Adding on, it will also refine essential procedures in collaboration with clients, make necessary adjustments, and ensure a user-friendly experience. Skorobogatova says that the bank’s strategy revolves around widespread adoption of the digital ruble, contingent on successful testing and comprehensive trials.
In particular, the ultimate goal is to enable citizens and businesses to actively use the national digital currency upon request, starting from 2025. Thus, during the initial phase of the pilot program, the focus will be on refining fundamental processes such as setting up and funding digital ruble accounts (digital wallets).
Furthermore, it will also focus on person-to-person digital ruble transactions, simple automated payments, and QR code-based transactions for purchases and services. So, participants in the pilot initiative will have the chance to make payments using digital rubles at 30 retail establishments across 11 Russian cities.
The plan is to expand the pilot to include more participants, both individuals and businesses, by the end of 2023. By 2024, the range of transactions will be expanded, including an additional payment scenario using dynamic QR codes and facilitating transfers between legal entities. Moreover, the scope of templates for automated payments will be broadened.
The launch of the digital ruble pilot had previously been delayed due to legislative processes. However, with the digital ruble legislation signed into law by President Vladimir Putin on July 24, the initiative has gained new momentum. The pilot marks a significant step forward in Russia’s exploration of central bank digital currency technology.
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- Source: https://cryptonewsland.com/digital-ruble-pilot-set-in-motion-russia-cbdc-trials-begin/
